Workspace Group has exchanged contracts for the disposal of three properties in London worth a total of £51.85m.
It is understood that the office fitter has sold the north London based buildings – Belgravia Workshops, The Ivorie, and Spectrum House – to US private equity company Westbrook Partners.
They comprise 106,000 sq ft of net lettable space.
The portfolio was sold at a premium of 23.2% (£9.75m) to the 31 March 2018 valuation, at a net initial yield of 4.0%.
Jamie Hopkins, chief executive officer of Workspace, commented: “The sale of these three small properties is in line with the continued repositioning of our portfolio.
“This disposal has been made at a premium to book value and will provide us with further capital to recycle into our extensive refurbishment project pipeline and new acquisitions where we can generate superior value for shareholders.”
In May, Workspace Workspace Group sold a 200-flat development scheme on the site of the former Marshgate Business Centre in Stratford, E15.
Anthology London has paid £15m for the scheme, which it will build out, and then return a new 33,000 sq ft business centre as part of the deal.
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